Introduces a taxonomy of money and argues privately issued digital money (e-money / stablecoins) could rapidly displace bank deposits.
Underpins the dollarization/EM and deposit-competition narratives; pair with EM-FX and total-supply series.
New digital monies could drive 'digital dollarization' in economies with weak currencies (Adrian & Mancini-Griffoli, 2019).
| Research question | How will new forms of digital money reshape the monetary landscape and bank intermediation? |
| Methodology | Conceptual framework (the 'money tree' taxonomy) |
| Limitations | Forward-looking and conceptual; predates large stablecoin markets and empirical evidence. |
Tobias Adrian, Tommaso Mancini-Griffoli (2019). The Rise of Digital Money IMF FinTech Note No. 19/01.
@techreport{adrian2019riseofdigitalmoney,
title = {The Rise of Digital Money},
author = {Tobias Adrian and Tommaso Mancini-Griffoli},
year = {2019},
institution = {International Monetary Fund},
howpublished = {IMF FinTech Note No. 19/01},
url = {https://www.imf.org/en/Publications/fintech-notes/Issues/2019/07/12/The-Rise-of-Digital-Money-47097},
note = {Indexed by Stablecoin Beat},
}